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Posted On: April 22nd 2025, 11:25 am

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As the Indian rupee continues to face pressure against the US dollar, Dr Shamika Ravi, Member of the Economic Advisory Council to the Prime Minister, has said that the currency touching 100 against the dollar should not be treated as a crisis point.

Speaking on a podcast, Ravi said, “So what if the rupee touches 100 to a dollar? It’s just a number,” while arguing that India’s economy is currently in a phase of sustained high growth. Her remark came at a time when the rupee has been hovering near record lows, triggering concerns over imports, inflation, fuel prices, and the broader cost of living.

The Indian currency closed at 95.7850 against the US dollar on Thursday, weaker than the previous day’s close of 95.7050, according to Reuters. The rupee has remained under pressure due to weaker Asian currencies, importer hedging, high crude oil prices, capital outflows, and uncertainty ahead of the Reserve Bank of India’s policy review.

Ravi said inflation would become a bigger problem if the RBI or the government tried too hard to maintain the value of the rupee artificially. Her argument suggested that defending a specific exchange-rate level could cost the country more than allowing the currency to adjust naturally according to market conditions.

The rupee has already touched record lows this year, briefly sliding past 96 against the dollar in May as oil prices and geopolitical tensions added pressure on India, one of the world’s largest crude oil importers. A weaker rupee makes imports costlier, especially oil, electronics, and other dollar-priced goods, but it can also benefit exporters and remittance earners.

The 100-mark has become a psychological level for markets and the public, but economists have argued that the exchange rate alone does not define the strength of an economy. The real concern is whether depreciation leads to sustained inflation, higher import bills, and pressure on household budgets.

For now, Ravi’s statement has sparked debate because while economists may see 100 as just another number, for ordinary Indians, a weaker rupee often shows up in everyday costs.

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